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Category Archive for: ‘Retirement Planning’

What is Financial Advice Worth?

financial advice

With 47 years of business and life experience to draw on and 21 of that in the financial advice business, I’ve learned that if you look after the needs of the client, ask the right questions and work with other qualified professionals you will do well! I view my job as being the quarterback between my clients and other professionals …

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Why You Should Consider Annuities

annuities

Annuities might be the best retirement product that few Canadians buy. This is surprising as they provide guaranteed income for life, just like defined-benefit pensions which are considered the gold standard of retirement income plans. Retirement experts who study annuities confirm these are an effective safeguard against longevity risk, or the possibility of outliving your wealth. Plus people with annuities …

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Should We All Just Work Longer?

work longer

I came across a very interesting article posted in Think Advisor by The Centre of Retirement Research at Boston College. In it they examined whether it would be effective to work longer to boost American’s prospects for a secure retirement. I think this question may also be applicable to some degree in Canada. This study concluded that continued employment could …

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Which is Better, TFSA or RRSP? Part 2

RRSP or TFSA

Let’s consider the pros and cons of each investment saving option to help you decide the best way to invest your hard-earned dollars. RRSP Pros: RRSP contributions provide you with a tax break when you file your income tax return, and the money invested grows tax-deferred until you begin withdrawing funds. If you get a tax refund, invest it as …

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Which is Better, TFSA or RRSP? Part 1

TFSA or RRSP

This is a much debated subject when discussing investing. Both are great saving and investing options, but they come with important differences. Choosing between either a Tax Free Savings Account (TFSA) or a Registered Retirement Saving Plan (RRSP) can save you thousands over the long haul if you understand the differences. Ideally everyone should maximize both, but for most of …

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Get Ready to Retire

retire

When people start to think about when to retire, all kind of images can come to mind. Long holidays, days spent on the golf course, extra time with the grandkids, etc. The big questions though is, will you be able to afford your retirement dreams? Because many of us are living longer thus spending more years in retirement, you may …

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How Much Will You Need to Retire Comfortably?

retire comfortably

Up until recently, $1 million was considered to be the gold standard for retirement savings. These days, depending on where and how you want to live, $1 million may not be enough to retire comfortably. Many studies have been done to determine how long a nest egg of $1 million would really last. This is based on average expenses for …

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Retirement Strategies for Seniors

retirement strategies

As we approach the end of 2017 it seems timely to review some insurance, investment and income options for seniors, their children and their grandchildren.  There are a number of different retirement strategies to implement depending on your individual needs. For people approaching or in retirement and concerned about income, an often overlooked asset is their home which may represent …

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Will I run out of my Savings?

savings

The 4% withdrawal rate has long been the recommended withdrawal rate from investment savings for people in retirement. Based on today’s lower investment returns, it may be time to reconsider this rate. The 4% rate was determined by financial planners in 1994. This was based on historical returns from a typical balanced portfolio at that time with 60% exposure to …

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Will You Need to Work Past 65?

work past 65

Will You Need to Work Past 65? Imagine working into retirement because you thought you had to because you didn’t have enough money to retire with. That would be very unfortunate. But what if you were still working in retirement because you didn’t know that you were financially able to stop? This would be even more unfortunate. A recent retirement …

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Are Outlooks on Retirement Changing?

outlooks on retirement

Do you believe that the outlooks on retirement for future generations will be significantly different than for that of current retirees? If your answer is “yes”, you’re not alone. Most clients that I talk to anticipate significant differences. Thoughts, expectations, confidence and planning will differ as well with age and gender. 83% of retirees believe future generations’ retirement experience will …

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An Insured Annuity Offers Financial Security & Safety

insured annuity

Today we Canadian’s are living longer.  One of the biggest concerns that aging Canadians have is outliving their retirement savings. On top of this, many of us would like to leave a legacy of some sort to our families and other beneficiaries. Low interest rates are the ‘new normal’ while the stock market continues to enjoy a gravity-defying ride (so …

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Three Phases of Retirement

three phases of retirement

We tend to think of retirement as one continuous lifetime event. After forty or so years of working, we have a retirement party, then off into the “golden years” we go. But while the retirement we choose will be as unique as each of us, once we’re retired we can expect go through three phases of retirement. Understanding these different …

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Canadians are Unprepared for Retirement! Are You?

unprepared for retirement

I am very concerned about the findings of the most recent financial wellness survey published by Manulife Financial. Canadians are feeling financially unprepared for retirement. On top of that, they are wondering how best to protect their loved ones from the risk of their premature death, or if they were to suffer a serious illness or disability. 40% of participants …

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Tips to Make Your Retirement Funds Last

retirement

As ever larger numbers of the boomer generation start to retire, fixed income options, once the staple of retirement cash-flow planning, are no longer delivering the way they used to. Add to this that we’re living longer, although a welcome development, means those of us planning to rely on Registered Retirement Income Funds (RRIFs) for income may need to take …

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Make Charitable Gifting One of Your 2017 Resolutions

charitable gifting

Here’s a good New Year’s Resolution, why not consider charitable gifting to help those less fortunate, both here at home and around the world? As a Rotarian, I am very cognisant of both the global and local reach of the many projects we support and the long term benefit that these provide. Global polio eradication is an important one, along …

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Important Budget Tips for Retirement

budget

When developing a retirement budget, anticipating every expense one might face can be difficult, as it’s easy to underestimate how much will be needed to maintain a comfortable lifestyle. If unexpected expenses aren’t allowed for, one could end up short and wondering where all the money went. Below are some examples of these types of expenses. Health insurance and medical expenses: …

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Good & Bad Reasons for Leveraging Home Equity

home equity

For many of us, our home is our most valuable asset. So it’s no wonder some might consider that any increase in their home equity is cash in the bank.  However, before deciding to refinance to access some cash or set up a home equity line of credit (HELOC), you need to consider what you want the money for. Is …

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Dealing With The Retirement Conundrum!

Fall Walk

Often the hardest decisions people face when it come to saving for retirement is deciding what they want to do after they quit working. Considering that for two healthy 65 year olds today one could live to 90 or older, they must figure out how much they can spend each month while leaving enough to cover increasing health costs for …

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What is Financial Planning?

financial planning

The financial planning process is built around five key planning areas depending on the stage of life a person has reached. Lifestyle needs: Financial planning helps people organise their personal or corporate finances so they can enjoy the lifestyle they envision for themselves and their family. It provides education on how to negotiate mortgages, loans and lines of credit with …

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